January 31, 2011 (Jeff Alan)
U.S. Bankruptcy Court Judge Arthur N. Votolato upheld the court’s right to establish a mediation program for homeowners facing foreclosure. The ruling was in response to objections filed by creditors in two bankruptcy cases. The creditors are PHH Mortgage Corp., doing business as PHH Mortgage Service Center, and Ocwen Loan Serving LLC as servicer of Deutsche Bank National Trust Co.

Votolato implemented the program, called the loss mitigation program, in November 2009 “in response to the home mortgage and foreclosure crisis generally,” and also because the court “repeatedly had to postpone hearings” due to delays that debtors were experiencing in seeking out-of-court mortgage-loan modifications.

“This practice of parties repeatedly seeking more time simply because they had not yet connected was counterproductive, it was a huge waste of time for the parties and the Court, and was forcing needless litigation …” the order stated. “…We decided to break the log jam” by introducing a process that would open “communications between debtors and the lenders’ decision-makers.”

“Today’s decision by Judge Votolato is a win for Rhode Island homeowners. The Rhode Island bankruptcy court’s foreclosure mediation program helps distressed families to cut through the red tape of our broken mortgage modification process and has already saved at least 100 homes in our state. I hope today’s decision will encourage other bankruptcy districts to follow Rhode Island’s lead and adopt similar programs.”

Last week, Whitehouse introduced the Limiting Investor and Homeowner Loss in Foreclosure Act (S. 222) to support these successful programs. Last year he held a field hearing of his Judiciary Subcommittee on Administrative Oversight and the Courts to examine the effectiveness of mediation programs. This Tuesday he will chair a hearing of the full Judiciary Committee entitled “Foreclosure Mediation Programs: Can Bankruptcy Courts Limit Homeowner and Investor Losses?”

At a hearing in October, Whitehouse praised Votolato’s program, saying it is especially needed because of the documented failures of the federal government’s flagship foreclosure-prevention program, the Home Affordable Modification Program (HAMP).

For the most part, the mortgage industry has been against forced mediation programs on the grounds that the states and the mortgage companies are ill-equipped for the amount of mediations that would be necessary to work through the current level of foreclosed properties, thus prolonging the housing slump for years.

John Mechem, a spokesman for the Mortgage Bankers Association which represents the largest mortgage lenders, said the group is opposed to both mandatory and voluntary mediation programs. He argued that the programs are expensive and are often used by borrowers as a tactic to stall foreclosure.

Mechem said the industry on its own has done almost 1.5 million mortgage modifications this year outside of mediation programs. If such programs must be implemented, he said, the MBA favors a voluntary system over mandatory meetings.

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.

HOWMORTGAGELOANRATEUPDATEWORKS

Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.

ADVANTAGES OF USINGMORTGAGELOANRATEUPDATE

FAST & EASY. DATA ENCRYPTED

Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.

NO OBLIGATION. NO HIDDEN FEES

Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.

NO SSN OR CREDIT CHECK

No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

January 31, 2011 (Jeff Alan)
U.S. Bankruptcy Court Judge Arthur N. Votolato upheld the court’s right to establish a mediation program for homeowners facing foreclosure. The ruling was in response to objections filed by creditors in two bankruptcy cases. The creditors are PHH Mortgage Corp., doing business as PHH Mortgage Service Center, and Ocwen Loan Serving LLC as servicer of Deutsche Bank National Trust Co.

Votolato implemented the program, called the loss mitigation program, in November 2009 “in response to the home mortgage and foreclosure crisis generally,” and also because the court “repeatedly had to postpone hearings” due to delays that debtors were experiencing in seeking out-of-court mortgage-loan modifications.

“This practice of parties repeatedly seeking more time simply because they had not yet connected was counterproductive, it was a huge waste of time for the parties and the Court, and was forcing needless litigation …” the order stated. “…We decided to break the log jam” by introducing a process that would open “communications between debtors and the lenders’ decision-makers.”

“Today’s decision by Judge Votolato is a win for Rhode Island homeowners. The Rhode Island bankruptcy court’s foreclosure mediation program helps distressed families to cut through the red tape of our broken mortgage modification process and has already saved at least 100 homes in our state. I hope today’s decision will encourage other bankruptcy districts to follow Rhode Island’s lead and adopt similar programs.”

Last week, Whitehouse introduced the Limiting Investor and Homeowner Loss in Foreclosure Act (S. 222) to support these successful programs. Last year he held a field hearing of his Judiciary Subcommittee on Administrative Oversight and the Courts to examine the effectiveness of mediation programs. This Tuesday he will chair a hearing of the full Judiciary Committee entitled “Foreclosure Mediation Programs: Can Bankruptcy Courts Limit Homeowner and Investor Losses?”

At a hearing in October, Whitehouse praised Votolato’s program, saying it is especially needed because of the documented failures of the federal government’s flagship foreclosure-prevention program, the Home Affordable Modification Program (HAMP).

For the most part, the mortgage industry has been against forced mediation programs on the grounds that the states and the mortgage companies are ill-equipped for the amount of mediations that would be necessary to work through the current level of foreclosed properties, thus prolonging the housing slump for years.

John Mechem, a spokesman for the Mortgage Bankers Association which represents the largest mortgage lenders, said the group is opposed to both mandatory and voluntary mediation programs. He argued that the programs are expensive and are often used by borrowers as a tactic to stall foreclosure.

Mechem said the industry on its own has done almost 1.5 million mortgage modifications this year outside of mediation programs. If such programs must be implemented, he said, the MBA favors a voluntary system over mandatory meetings.

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

HOWMORTGAGELOANRATEUPDATEWORKS

Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.

ADVANTAGES OF USINGMORTGAGELOANRATEUPDATE

FAST & EASY. DATA ENCRYPTED

Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.

NO OBLIGATION. NO HIDDEN FEES

Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.

NO SSN OR CREDIT CHECK

No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

January 31, 2011 (Jeff Alan)
U.S. Bankruptcy Court Judge Arthur N. Votolato upheld the court’s right to establish a mediation program for homeowners facing foreclosure. The ruling was in response to objections filed by creditors in two bankruptcy cases. The creditors are PHH Mortgage Corp., doing business as PHH Mortgage Service Center, and Ocwen Loan Serving LLC as servicer of Deutsche Bank National Trust Co.

Votolato implemented the program, called the loss mitigation program, in November 2009 “in response to the home mortgage and foreclosure crisis generally,” and also because the court “repeatedly had to postpone hearings” due to delays that debtors were experiencing in seeking out-of-court mortgage-loan modifications.

“This practice of parties repeatedly seeking more time simply because they had not yet connected was counterproductive, it was a huge waste of time for the parties and the Court, and was forcing needless litigation …” the order stated. “…We decided to break the log jam” by introducing a process that would open “communications between debtors and the lenders’ decision-makers.”

“Today’s decision by Judge Votolato is a win for Rhode Island homeowners. The Rhode Island bankruptcy court’s foreclosure mediation program helps distressed families to cut through the red tape of our broken mortgage modification process and has already saved at least 100 homes in our state. I hope today’s decision will encourage other bankruptcy districts to follow Rhode Island’s lead and adopt similar programs.”

Last week, Whitehouse introduced the Limiting Investor and Homeowner Loss in Foreclosure Act (S. 222) to support these successful programs. Last year he held a field hearing of his Judiciary Subcommittee on Administrative Oversight and the Courts to examine the effectiveness of mediation programs. This Tuesday he will chair a hearing of the full Judiciary Committee entitled “Foreclosure Mediation Programs: Can Bankruptcy Courts Limit Homeowner and Investor Losses?”

At a hearing in October, Whitehouse praised Votolato’s program, saying it is especially needed because of the documented failures of the federal government’s flagship foreclosure-prevention program, the Home Affordable Modification Program (HAMP).

For the most part, the mortgage industry has been against forced mediation programs on the grounds that the states and the mortgage companies are ill-equipped for the amount of mediations that would be necessary to work through the current level of foreclosed properties, thus prolonging the housing slump for years.

John Mechem, a spokesman for the Mortgage Bankers Association which represents the largest mortgage lenders, said the group is opposed to both mandatory and voluntary mediation programs. He argued that the programs are expensive and are often used by borrowers as a tactic to stall foreclosure.

Mechem said the industry on its own has done almost 1.5 million mortgage modifications this year outside of mediation programs. If such programs must be implemented, he said, the MBA favors a voluntary system over mandatory meetings.

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.

ADVANTAGES OF USINGMORTGAGELOANRATEUPDATE

FAST & EASY. DATA ENCRYPTED

Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.

NO OBLIGATION. NO HIDDEN FEES

Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.

NO SSN OR CREDITCHECK

No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

MortgageLoanRateUpdate

MortgageLoanRateUpdate is an independent marketing leads generator. We are not a mortgage broker or lender. MortgageLoanRateUpdate is an advertising supported publisher and mortgage loan rate comparison service that is compensated by third party affiliates for the information you provide to us through the featured placement of sponsored products and services or by clicking on links posted on this website. Not all companies or products are represented through this website. Usage of this site is only available to persons in the continental United States, Alaska and Hawaii.

Copyright 2010 - 2017 MortgageLoanRateUpdate.com | All Rights ReservedThe information contained in this website is for general information purposes only. We make no representations or warranties of any kind, expressed or implied, about the completeness, accuracy, or reliability of the information, products, or services contained on the website. Any reliance you place on such information is therefore strictly at your own risk.